Good payroll services provider – how to choose a good payroll service provider
So, you’ve done your research, realised the benefits of hiring a payroll services provider and made the decision to go the outsourcing route. You know you want a partner that understands your specific needs; one you can trust with your payroll so you can focus on your core business. But with so many payroll service providers out there, to find the one that’s right for your business?
While there are several qualities to consider when choosing a payroll services provider, certain attributes should be at the top of your list.
Accuracy is critical when it comes to a payroll service provider
Accuracy is critical when it comes to payroll. Unpaid employees are unhappy employees. Additionally, an incorrect payroll may cause your business to incur harsh penalties and increase your risk of a tax audit. Make sure your chosen payroll services provider has the credentials to guarantee that your workforce will be paid accurately and on time, every time.
Compliance
A fundamental component of payroll accuracy is legislative compliance. Payroll legislation and regulations are not only extremely complex, but also change frequently. The payroll services provider you appoint should not only have the resources to stay up to date with each change as it happens, but should also be able to communicate these to you timeously. This is especially important if you have a presence in multiple countries.
Security
Your payroll data contains sensitive employee information such as addresses, banking details and ID numbers, all of which must be protected in accordance with the Protection of Personal Information Act. The payroll services provider you choose to partner with must understand the importance of data security, and be able to manage and process your sensitive information securely to prevent it from being compromised and falling into the wrong hands.
Customised payroll services
A basic payroll services package may suit your current business needs, but keep in mind that your payroll and compliance requirements will increase as your business evolves. You don’t want a payroll service provider that will outgrow your business over time, especially if you intend to eventually expand globally. Consequently, it’s important to select a payroll service provider that offers a comprehensive range of services that are customisable to your specific business needs, and can be adapted as your company grows.
If the provider offers complementary human resource services, all the better. These could include onboarding new employees, administering their compensation and benefits, managing their training and development and global employment services.
Reputation
When selecting a payroll service provider you want the peace of mind that it has the expertise to deliver an error-free, regulatory-compliant payroll along with good customer service. One of the best indicators of a payroll service provider’s reliability and track record in the industry is how long it retains its clients. A long-standing relationship is a sure sign of a company with a tried-and-tested operating history that can deliver on its promises.
Selecting a payroll services provider is not an overnight decision. The only way to find the right partner for your business is to do your homework and take the time to fully investigate the various offerings on the market before making your choice. This will give you the peace of mind that the accuracy, compliance and privacy of your payroll are in good hands.
